ping.......
There is always enough gold to back the currency.
No, actually there is not. Even with the immense gold supplies of the New World the growth rate for gold and silver is less than 2%. This means that there is a deflationary bias built in with the GS and a higher unemployment rate results than is acceptable to the modern electorate.
And can you imagine how idiotic it would be to actually have to use the metal in monetary transactions? How much fraud and inefficiency would result.
Fiat currency use is never going away as long as civilization does not collapse. It has been instrumental in the massive growth rate in the US economy since the creation of the Fed and the incredible improvement in the standard of living for even the poorest American.
Has management of the dollar been perfect? No, but overall it has been pretty good.